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Notes to the financial statements
Medium Term Notes
On March 2009, A-REIT established a $1 billion Multicurrency Medium Term Note (“MTN 2009”) Programme.
Under the MTN 2009 programme, A-REIT may, subject to compliance with all relevant laws, regulations and
directives, from time to time issue notes in one or more tranches, on the same or different issue dates, in
Singapore dollars or any other currency.
Each tranche of notes may be issued in various amounts and tenors, and may bear fixed, floating, or variable
rates of interest. Hybrid notes or zero coupon notes may also be issued under the MTN 2009 Programme.
The notes shall constitute direct, unconditional, unsecured and unsubordinated obligations of A-REIT ranking
pari passu, without any preference or priority among themselves and pari passu with all other present and future
unsecured obligations (other than subordinated obligations and priorities created by law) of A-REIT.
The maximum aggregate principal amount of the notes outstanding at any time shall be $1 billion, or such
higher amount as may be determined pursuant to the MTN 2009 Programme.
The total facility drawn down by A-REIT as at 31 March 2010 is $275 million (2009: Nil), consisting of:
(i)
(ii)
$150 million MTN 1. The $150 million MTN 1 will mature on 29 April 2011 and bear an interest rate of
4.75% per annum payable semi-annually in arrears.
$125 million MTN 2. The $125 million MTN 2 will mature on 22 July 2013 and bear an interest rate of
5.00% per annum, payable semi-annually in arrears.
Terms and debt repayment schedule
Terms and conditions of outstanding loans and borrowings are as follows:
Nominal
Year of Face Carrying
interest rate maturity value amount
% $’000 $’000
2010
Term loans SOR* + margin 2014 to 2017 695,000 689,152
Short term borrowings SOR* + margin 2010 251,800 251,754
Medium term notes 4.75 – 5.00 2011 to 2013 275,000 274,350
1,221,800 1,215,256
2009
Term loans SOR* + margin 2009 to 2014 1,344,965 1,343,194
Short term borrowings SOR* + margin 2009 245,500 245,500
1,590,465 1,588,694
* Swap Offer Rate
8th Annual Report FY09/10
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